Update on the latest in business:

FINANCIAL MARKETS

Stocks fall

NEW YORK (AP) — Stocks are falling on Wall Street in a sluggish start to the week as investors await the latest take from the Federal Reserve on inflation.

The S&P 500 fell 0.3%. The benchmark index is sitting just below its latest record high set on Friday. It is also coming off its third weekly gain in a row.

Trading has been choppy as investors gauge the economic recovery and rising inflation’s impact on its trajectory and the Fed’s next move. The Fed is meeting this week and will release a statement on interest rate policy on Wednesday.

VIRUS OUTBREAK-NOVAVAX-VACCINE

Novavax: Large study finds COVID-19 shot about 90% effective

UNDATED (AP) — Vaccine maker Novavax says its shot is highly effective against COVID-19 and also protects against variants. The Maryland-based company on Monday announced results from a large, late-stage study in the U.S. and Mexico that found its vaccine was about 90% effective. Preliminary data also showed it was safe.

Novavax previously released results from smaller studies in Britain and South Africa. The company plans by the end of September to file for emergency use authorization in the U.S., Europe and elsewhere.

Novavax’s vaccine is made by growing harmless copies of the coronavirus spike protein in the laboratory.

ENBRIDGE ENERGY-LINE 3

Minnesota court affirms approval of Line 3 oil pipeline

ST. PAUL, Minn. (AP) — The Minnesota Court of Appeals has affirmed key approvals by state regulators of Enbridge Energy’s Line 3 oil pipeline replacement project.

A three-judge panel ruled 2-1 on Monday that the Public Utilities Commission correctly granted Enbridge the certificate of need and route permit that the Canadian-based company needs for the Minnesota segment.

Enbridge wants to replace the 1960s-era pipeline because it has been deteriorating and can run at only half capacity. More than 1,000 tribal and environmental activists gathered at construction sites near the headwaters of the Mississippi River last week to try to block the project.

CHEMICAL EXPLOSION-ILLINOIS

Illinois chemical plant explosion, fires prompt evacuations

ROCKTON, Ill. (AP) — Emergency crews are battling massive fires at a northern Illinois chemical plant that exploded into flames. The Monday morning explosion that sent huge plumes of thick black smoke into the air prompted officials to order an evacuation of residents and business to the south of Chemtool Inc., near Rockton.

Trisha Diduch, the planning and development administrator for Rockton, says she estimates about 1,000 people are affected by the evacuation order. There were no immediate reports of injuries, and the company said everyone on site was “safe and accounted for.”

The plant manufactures grease products, lubricants and other fluids. Rockton is located in Winnebago County, near the Wisconsin border, about 95 miles northwest of Chicago.

LORDSTOWN MOTORS-CEO

Lordstown Motors’ rough road continues; CEO and CFO are out

UNDATED (AP) — The top two executives at Lordstown Motors have resigned as problems at the Ohio electric truck startup continue to mount.

CEO Steve Burns and Chief Financial Officer Julio Rodriguez stepped down, the company said early Monday, sending shares already down 40% this year tumbling 16% at the opening bell.

The departures come less than a week after Lordstown cautioned that it may not be in business a year from now as it struggles to secure funding to begin full production at a former General Motors plant in Ohio near Youngstown.

VIRUS OUTBREAK-FLORIDA

Face masks optional for vaccinated visitors

ORLANDO, Fla. (AP) — It will soon be a lot easier to see smiles again at Walt Disney World in Florida. Starting Tuesday, face masks will be optional for theme park visitors who are vaccinated. Visitors who are not fully vaccinated will still be asked to wear face masks indoors and on all rides and attractions, but Disney says on its website that workers won’t require proof of vaccination.

All visitors, whether vaccinated or not, will still be required to wear face coverings on buses, monorails and the Disney Skyliner, which is the resort’s aerial gondola.

Disney began allowing visitors go to without masks outdoors last month.

GIRL SCOUTS-UNSOLD COOKIES

Thinner Mints: Girl Scouts have millions of unsold cookies

UNDATED (AP) — The Girl Scouts have an unusual problem this year: 15 million boxes of unsold cookies. The 109-year-old organization says the coronavirus shut down in-person sales at cookie booths.

The Girl Scouts usually make around $800 million each year selling 200 million boxes of cookies. It won’t say how many cookie boxes were sold this year. But 15 million boxes remain at local councils or at the two bakers authorized to make them. Those councils and bakers are trying to sell or donate boxes that are left.

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